The Financial Services Authority (FSA) Retail Distribution Review (RDR) Feedback Statement, published in November 2008, contains a series of measures aimed at improving public trust and confidence in the sector by bringing about step-change in professional standards for financial advisers.

These include proposals to improve the quality of advice given to clients by increasing the minimum levels of competence, skill and knowledge.

With regard to the minimum level of qualifications to be held by advisers, the intention is to raise the bar and require that they hold an Ofqual (Office of the qualifications and examinations Regulator) Level 4 Qualification.

The final decisions and granular detail of the RDR will be communicated to the industry by the FSA in June 2010, with a deadline for completion by the end of 2012

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